Independent data-driven reporting, analysis and commentary on the psychedelics space: from business and drug development through to policy reform and culture.
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Q1 2025 saw around $152M flow into psychedelics companies, with Lykos Therapeutics’ $50M Series B round representing one of the first major private financings in quite some time. Explore key trends, public vs. private dynamics, and how the markets are reacting to trial and regulatory news in our Q1 roundup.
In a candid conversation with Psychedelic Alpha’s Josh Hardman, former U.S. Senator Kyrsten Sinema shares her case for ibogaine, sidesteps what she describes as ‘drama’, and lays out a strategy for funding research into the atypical psychedelic. Framing FDA approval as the north star, Sinema positions ibogaine as a transformative treatment option for conditions ranging from PTSD through to traumatic brain injury and Parkinson’s.
As the first cut of data from Oregon’s psilocybin program becomes available, we take a deep dive into emerging trends through various data visualisations and analysis. This marks the first instalment of our new Oregon Psilocybin Services Tracker, which will produce analysis of each cut of data as it is released. ∎
Pα+ subscribers receive regular Bulletins, articles, interviews with insiders and quick-take analysis of major stories and developments (e.g., significant trial results, financing rounds, policy reforms, etc.); along with access to our back catalogue and Library.
INCUBATION & GROWTH
Whether you’re at the idea-formation stage or raising early-stage funding, we’re here to help across the entire psychedelic value chain and company life-cycle.
ADVISORY & CONSULTANCY
We help investors and corporates of all stripes understand and support the psychedelics space: from syndicates and VCs through to institutions.
INSIGHTS & ANALYSIS
Join our newsletter to stay abreast of the rapidly emergent psychedelics industry: from clinical trials and patents through to healing centres and decriminalisation.
After a half-century of prohibition, psychedelics are once again entering the mainstream.
Today’s so-called “psychedelic renaissance” is represented by a seemingly exponential increase in research and development activity, billions of dollars of funding, psychedelic policy reform initiatives and successes across the world, and changing public perceptions. ∎
Clinical trials involving psychedelics started, per year
Phase 3 trials of MDMA-assisted therapy have been completed, with Phase 3 study of psilocybin underway.
Psychedelic policy reforms are gaining pace at the federal, state and local level in the U.S. and internationally.
of psychiatrists agreed that psychedelics show promise in treating psychiatric disorders.
Barnett et al., 2023
‘Alpha’, in the investing world, refers to an excess return on investment relative to a benchmark. But we broaden the definition of alpha on both ends to include more than just economic returns on more than just economic investments.
Instead, we conceptualise alpha as the excess return on myriad investments that people may make in the present and future of psychedelics: beyond economic capital, people might invest time, energy, and effort, for example. And that excess return might not be (purely) financial, it might also be realised through a more impactful treatment paradigm for mental health, for example, where the ‘benchmark’ is the inadequate status quo.
All this to say, we’re not only for investors. In fact, most of our readers aren’t: many of them are practitioners, regulators, entrepreneurs, and so on. ∎
Psychedelic Alpha is an independent newsletter and community that strives to empower a diverse constellation of individuals and organisations with the knowledge, network and nuance to make an impact within the field of psychedelic medicine and beyond
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